Budget 2019: Big decision for farmers! Rs 6000 to be directly transferred to bank accounts

In a historic move to double the farmers income the Narendra Modi government announced to increase the Minimum Support Price (MSP) to 1.5 times between 2014 and 2019. The announcement was done by the Finance Minister Piyush Goyal in his budget speech in the parliament. The decision would help 20,000 small and marginal farmers to get the exact return to their hard work. "To ensure guaranteed return to the farmers and double the income of our farmers, the government of India is going to increase MSP by 1.5 times of the existing prices," said Piyush Goyal in parliament during his budget 2019 presentation.

Apart from this, the government has also approved Pradhan Mantri Kisan Samman Nidhi, under which 6000 rupees will be transferred directly to farmers' bank accounts in three installments. The benefits will only be extended to farmers with less than 2 hectares land holding.

"This initiative will benefit 12 crore small and marginal farmers, at an estimated cost of Rs. 75,000 crore, this will enable farmers to earn a respectable living," Goyal said.